Date Set For New Guernsey Trusts Law

The new Guernsey Trusts Law will come into effect from Monday 17 March.

Some of the most significant changes to the Islands trust legislation include:

• The introduction of (non-charitable) Purpose Trusts
• Removal of limits on the length of a trusts duration allowing perpetual trusts
• Clarification of the position of retiring trustees, making the transfer process more streamlined
• Clarification of the circumstances under which information has to be given to beneficiaries
• Abolishment of the liability of directors of corporate trustees based in Guernsey or acting as trustees of Guernsey law trusts, particularly as a way to encourage greater use of Private Trust Companies (PTCs)